Cyprus: How to Obtain the Golden Visa in 2023
Cyprus is an island in the Eastern Mediterranean known not only for its beautiful nature and rich history but also as one of the leading financial centers in the world. Cyprus offers favorable living conditions, including a high quality of life, a stable political situation, and a developed economy. Its favorable tax legislation makes Cyprus an attractive place not only for living but also for investment.
One of the most popular ways to relocate to Cyprus is through the Cyprus Golden Visa program. It provides an opportunity to obtain residency in Cyprus for non-residents who invest in the country's economy.
Investors can relocate in just two months by investing a minimum of 300,000 euros. The investments must be fully paid before applying, regardless of the status of the real estate project implementation.
Requirements for minimum income in 2023
On May 2, 2023, Cyprus implemented new rules for foreigners wishing to obtain the Golden Visa. Previously, a minimum annual income of 30,000 euros was required for the main applicant and 5,000 euros for each additional family member. However, the income requirements have been increased. Now they equa 50,000 euros for the main applicant, 15,000 euros for the spouse, and 10,000 euros for each dependent child.
Every year, the applicant must demonstrate that they still have sufficient income that meets the minimum level based on the family size.
Application process and documents
Different types of investments are available for obtaining the Golden Visa in Cyprus. They include:
- Investment in commercial real estate.
- Investment in residential real estate.
- Investment in Cypriot businesses or companies.
- Investment in government securities.
Depending on the chosen investment option, the required documentation may vary. But generally, the following documents are necessary:
- Passport or other identification document.
- Document confirming work experience and qualifications.
- Certificate of no criminal record.
- Proof of guaranteed annual income in Cyprus or abroad.
- Confirmation of medical insurance.
- Birth certificates for the main investor and all dependent family members.
All investors must start the application process by providing the necessary documents and making the corresponding investments in their chosen investment option.
If you are interested in obtaining the Golden Visa, please contact IT-OFFSHORE specialists. We will gladly assist you with the application process and provide all the relevant information.